VTEAX vs. VNJTX
VTEAX (Vanguard Tax-Exempt Bond Index Fund Admiral Shares) and VNJTX (Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VTEAX returned 2.13%/yr vs 3.07%/yr for VNJTX. Their correlation of 0.88 suggests significant overlap in exposure. VTEAX charges 0.09%/yr vs 0.17%/yr for VNJTX.
Performance
VTEAX vs. VNJTX - Performance Comparison
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Returns By Period
In the year-to-date period, VTEAX achieves a 1.45% return, which is significantly lower than VNJTX's 1.94% return. Over the past 10 years, VTEAX has underperformed VNJTX with an annualized return of 2.13%, while VNJTX has yielded a comparatively higher 3.07% annualized return.
VTEAX
- 1D
- 0.20%
- 1M
- 0.62%
- YTD
- 1.45%
- 6M
- 1.84%
- 1Y
- 7.07%
- 3Y*
- 3.62%
- 5Y*
- 0.97%
- 10Y*
- 2.13%
VNJTX
- 1D
- 0.18%
- 1M
- 0.74%
- YTD
- 1.94%
- 6M
- 2.34%
- 1Y
- 8.74%
- 3Y*
- 4.75%
- 5Y*
- 1.44%
- 10Y*
- 3.07%
VTEAX vs. VNJTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares | 1.45% | 3.67% | 1.63% | 6.39% | -8.21% | 1.43% | 4.97% | 7.45% | 0.99% | 4.94% |
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares | 1.94% | 4.89% | 2.69% | 8.04% | -10.31% | 2.62% | 6.02% | 9.27% | 1.53% | 8.37% |
Correlation
The correlation between VTEAX and VNJTX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 1, 2015 | 0.88 |
The correlation between VTEAX and VNJTX has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.
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Return for Risk
VTEAX vs. VNJTX — Risk / Return Rank
VTEAX
VNJTX
VTEAX vs. VNJTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) and Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| VTEAX | VNJTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 1.69 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.66 | 2.92 | -0.26 |
| Martin ratioReturn relative to average drawdown | 9.24 | 10.50 | -1.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VTEAX | VNJTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.97 | 2.82 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | 0.32 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.67 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.70 | 1.25 | -0.56 |
Drawdowns
VTEAX vs. VNJTX - Drawdown Comparison
The maximum VTEAX drawdown since its inception was -12.75%, smaller than the maximum VNJTX drawdown of -15.71%. Use the drawdown chart below to compare losses from any high point for VTEAX and VNJTX.
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Drawdown Indicators
| VTEAX | VNJTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.75% | -15.71% | +2.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.65% | -2.94% | +0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -5.46% | -6.88% | +1.42% |
Max Drawdown (5Y)Largest decline over 5 years | -12.75% | -15.71% | +2.96% |
Max Drawdown (10Y)Largest decline over 10 years | -12.75% | -15.71% | +2.96% |
Current DrawdownCurrent decline from peak | -0.55% | -0.23% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -2.26% | -1.86% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 0.82% | -0.06% |
Volatility
VTEAX vs. VNJTX - Volatility Comparison
The current volatility for Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) is 0.99%, while Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) has a volatility of 1.15%. This indicates that VTEAX experiences smaller price fluctuations and is considered to be less risky than VNJTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEAX | VNJTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 1.15% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.85% | 2.25% | -0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.38% | 3.05% | -0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.61% | 4.55% | -0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.67% | 4.56% | -0.89% |
VTEAX vs. VNJTX - Expense Ratio Comparison
VTEAX has a 0.09% expense ratio, which is lower than VNJTX's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VTEAX vs. VNJTX - Dividend Comparison
VTEAX's dividend yield for the trailing twelve months is around 3.32%, less than VNJTX's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares | 3.58% | 4.42% | 3.97% | 3.26% | 3.14% | 2.84% | 3.71% | 4.06% | 3.93% | 4.03% | 4.51% | 3.70% |
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares | 3.32% | 3.26% | 3.36% | 2.98% | 2.05% | 1.60% | 1.97% | 2.27% | 2.24% | 1.95% | 1.67% | 0.59% |
Frequently Asked Questions
VTEAX and VNJTX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNJTX has higher volatility (1.15%) compared to VTEAX (0.99%). In terms of maximum drawdown, VTEAX dropped -12.75% vs VNJTX's -15.71%.
VTEAX currently has the higher Sharpe Ratio (2.97 vs 2.82), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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